That could be about to change. Under a conceptual plan unveiled before the local planning board, new owner Edgewood Properties proposes to combine its expertise in the residential and retail sectors to redevelop the site and provide a built-in residential and commercial audience. The proposed Somerville Town Center, as it would be called, would include an office component as well.

The plan laid out before the planning board last week includes a revamped and reconfigured retail component in the vicinity of 140,000 sf, or about what it is now. The mix also calls for more than 73,000 sf of office space on three floors above the ground-floor retail, as well as 265 luxury rental apartments. To help solve the parking problems, Edgewood also wants to build a five-level, 360-car parking garage.

According to officials of the Piscataway, NJ-based Edgewood Properties, the plan also includes revamping access to the site. When all is said and done, officials say it will generate $600,000 in new tax revenues for the community, or about five times what the current complex does.

The proposal still needs both preliminary and final site plan approval before it can proceed. Edgewood officials expect to file a formal application later this year.